By Robert Hughes
The Manufacturing Purchasing Managers Index from the Institute for Supply Management registered a 52.8 percent reading in April, down 2.5 points from 55.3 in March and the lowest reading since November 2016 (see top chart). April is the 32nd month in a row above the neutral 50 level and the 120th above the 42.9 percent threshold consistent with expansion in the overall economy. Comments from purchasing executives highlight policy concerns including trade wars, rising tariffs, difficulty with flows of goods across the southern border, and Brexit as significant issues.
Among the